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Business Activity - Chapter 1

Authored by Bassant Ossama

Business

9th - 12th Grade

Used 27+ times

Business Activity - Chapter 1
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the below is NOT a factor of production?

Capital

Enterprise

Government

Land

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by 'capital'?

Machinery

Machinery and finance

Money or finance

Human effort

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the correct definition of 'scarcity'?

Scarcity is the fact that people have way too many needs and wants

Not having workers to make products and/or services

Having too many resources

Not having enough products to satisfy a populations' wants and/or needs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an advantage of specialization?

Better quality of products and services

Reduced cost for companies

Faster production of products and services

All answers are correct

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the below is an example of a need?

Shelter

A watch

Going to school

A car

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The next best alternative given up, by choosing another item.

This is a definition of _____ ?

Scarcity

Opportunity cost

The economic problem

Factors of production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most important quality in an entrepreneur?

Ability to work long hours

Physical strength

Passion

Risk-taking

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